After the Minnesota Department of Commerce Securities Unit announced it would waive requirements that investment advisor representatives (IARs) who were employed as of Aug. 1 have a Series 65 or 66 license, FSI released a statement calling the move a "regulatory victory" for IARs.
Advisors who are already working can register in Minnesota without taking an exam. IARs who were not working before Aug. 1 will have to sit for the exam to register with the state, but they'll have a grace period between Nov. 1 and the end of January to register.
FSI noted that it had met with the department to offer guidance on how best to implement the licensing requirement. "FSI members demonstrated that IARs who were providing investment advice in Minnesota prior to the requirement are well qualified by virtue of their experience and encouraged the department to waive the exam requirement for existing IARs and those with certain designations," according to FSI.
